Egyptian economic analyst Hanan Ramses talked about the Arab countries’ support for Egypt, after the Standard & Poor’s credit rating agency expected that the Gulf countries would provide additional economic aid to Egypt.
Ramses said, “A country with the weight of Egypt and the strength of its presence in all political, strategic and security situations will not lack, need, or extend a hand. The successive talks about the failure of Arab countries towards Egypt is a path of trying to reduce the strength of inter-relationships between countries that have historical and strategic ties.”
Ramses indicated in an interview with RT that when any global rating institution talks about economic conditions and sees that there are problems in resolving some crises, the classification stops at this event, but when the institution denounces the crisis and talks about the possibility of resolving it with a set of procedures and cooperation, this means that there is a conviction that Egypt Thanks to what distinguishes it from the elements of untapped economic power, and with the help of its Arab brothers who did not and will not hesitate to help it, this will be a testimony that Egypt will overcome its economic crisis, which was not due to internal burdens, but due to global conditions that affected the developed countries and exhausted them before the developing ones.
She noted that what the credit rating agency talked about is setting a road map to solve many problems that have exhausted the Egyptian citizen, especially exchange rates, flotation, and many economic issues that the Egyptian citizen did not know anything about in the past years.
Standard & Poor’s had expected the Gulf states to provide additional economic aid to Egypt if the economic situation required it.
In a recent report, the Foundation said, “We assume that any external funding gaps will be covered by additional support from the GCC government. This is despite media reports that the GCC countries are pressuring Egypt to implement reforms before disbursing funds to buy companies.” Egyptian state-owned.
With regard to external financing, Standard & Poor’s expects that net inflows into the financial account will be sufficient to offset the current account deficit during the period up to fiscal year 2026, while keeping the total reserves of the Central Bank of Egypt at around $32 billion on average.
This article was originally published by RT.
